Everyone with Java 7 installed on their computer should upgrade to to the latest edition, Update 11. It can be downloaded at java.com/en/download/manual.jsp.

Java 7 Update 10 introduced a new feature that can totally disable Java in all browsers. This should protect anyone running Update 10 from the latest flaw, but nonetheless, installing Update 11 is the safer way to go.

You can see which version of Java, if any, that your web browser is using at my javatester.org site.

UPDATE: After the first story on 60 Minutes tonight (Jan. 13th) there was a brief segment from CBS news where they announced that Oracle would have a fix for Java by Tuesday. Really, CBS? The updated Java was released well before the announcement (which aired at roughly 8:26pm ET).